Detroit is set to become the first major U.S. city to accept cryptocurrency for taxes and other city fees, top officials from the city said in a Thursday press release. What Happened: Residents would have the option to use cryptocurrencies to pay for utilities through a secure platform managed by PayPal.

Beginning in 2025, Detroiters will have the option to pay their taxes and other city fees with cryptocurrency, the city announced Thursday, making Detroit the largest city in the U.S. to accept cryptocurrency for taxes.

The payments would be handled by PayPal, which would accept the cryptocurrency, then convert it to regular U.S. dollars for the city. That approach would shield Detroit from the risk of wild fluctuations in the value of such digital currencies, city Treasurer Nikhil Patel said in a phone interview.

Cryptocurrency is a digital currency that uses cryptography and a decentralized network to enable secure transactions without a central authority like a bank or government.

Detroit is positioning itself to become the "largest city" in the U.S. to accept cryptocurrency payments for taxes and other city fees, marking a significant pivot for Detroit residents.

Detroit has announced plans to accept cryptocurrency tax payments through PayPal starting in mid-2025, becoming the largest US city to adopt digital currency for municipal payments while implementing automatic conversion to US dollars to manage volatility risks.

Detroit residents will soon be able to pay their taxes using cryptocurrency, the city announced Thursday. The move to allow residents to pay taxes and other city fees would make Detroit the largest city in the U.S. to accept cryptocurrency payments, according to city officials.

Detroit is making history as the first major American city that will permit cryptocurrency to pay for its services.

Residents in Detroit will be able to pay their taxes and other city fees using cryptocurrency next year, officials announced.

Detroiters will soon be able to pay their taxes and other city fees with crypto through PayPal, according to a Thursday announcement from Detroit’s Office of the Treasury.

Detroit is set to make history as the largest U.S. city to accept cryptocurrency payments for taxes and municipal fees. This initiative was announced by city officials and will launch in mid-2025 through a secure platform managed by PayPal.